The ministry makes money through Hajj operations
Says Yahya Polani CEO Polani Travelers
Yahya Polani started his journey of business from electric lights decoration. he was both a laborer and a boss and had two employees as well. But, that business could not provide the satisfaction to his mind and switched over to present field: the travel agency business. Mr. Polani says that he started his business with Rs 100 investment and set up 48 square feet office on the M A Jinnah Road in 1973. After a couple of years, he collaborated with a friend and expanded the business in Karachi and relocated his office to I I Chundrigar Road. Finally, became the sole owner of Polani Travelers and established its subsidiary organizations subsequently one after another. In reply of question about his experience of working in different sectors, he told that Working in multiple sectors is always useful and to me it has been very profitable as funds continue to flow and resources are employed optimally in diverse fields. Therefore, one sector strengthens another and offsets any loss. I have incurred losses in a few sectors, but recovered soon with the support of my other established businesses. This is the best formula of successful business as you can never be bankrupt with diversified investment.
Mr. Yahya Polani name come in the meaning of successful business man in his field and what is philosophy of a successful businessman in his view, he tells, Working tirelessly with the collaboration of your trusted business partners and sincere employees and availing yourself of every opportunity. You need to work with people so it is very important to distribute responsibilities in your organization wisely and rightly in order to obtain better and long-term results, which actually make a business-man successful in every field and country.
On a question that Being a boss, how do he evaluate the performance of Pakistan's human resource? He said that the performance of our citizens is good as they are hardworking and talented, capable of working day and night despite unfavorable working situations. Further, your encouragement inculcates a sense of participation among your employees and their input becomes inevitably fruitful for the organization as they assume that this is their own organization. I don't have to give too many directions to my employees because workers from top to bottom work honestly and independently without any fear. About his view reagarding the capabilities of workforce working abroad he maintains that as a manpower exporter, I think the best quality work is produced by Pakistani nationals in foreign countries. That is why remittances in the country have continued to flow in and have made records. I believe the expatriate Pakistanis are playing a pivotal role in strengthening our economy. Skilled employees should be encouraged and facilitated if they desire to work abroad. In contrast, they get little help from the government. Government should provide more facilities to companies exporting manpower. He also states the qualities of good boss in his eye "A good boss must be a good human being and know the needs and potential of his subordinates. He should take good care of his workers and treat them as stakeholders in his business. A boss should be a role model for his employees. So I still work hard till late to complete the work. I am always punctual and meet the deadlines.
I try my level best to satisfy my clients and business partners." BM also acquired the important acknowledgement in current scenario of flood and its devastation, he said Forecasting the losses to aviation and tourism industries is a bit difficult at the moment but these two industries will definitely get hurt indirectly because of the dilapidated infrastructure of the flood-hit provinces. Tourist spots have also been destroyed in Khyber-Pakhtunkhawa. Government apathy will delay the reconstruction of these spots, so the people depending on tourists for their livelihoods will suffer. There have been many complaints on board to the regarding Hajj operation and how it improves in the country, he told: I handled the Hajj groups when they used to go by ship. Although there were many difficulties at that time, the situation was much better than it is now with modern aircraft.

The ministry has a lot of corruption on the one hand and the national airline has a lot of problems on the other. The ministry makes money through Hajj operations although it is a Muslim country. On the other hand, the staff members of the national flag carrier also create troubles for us. About telling his business goals in future, he said "I have achieved more than I had thought in my life. I still consider myself a common citizen of the country. I initiate a work and thanks to Allah it flourishes. I am also doing philanthropy work now days. In my views, education and training plays a pivotal role in human development. So, I constituted an NGO a couple of years ago to train government schools' teachers with English language skills. I know it is very important for our nation because teachers groom the new generation and if they are educated, our new workforce will be better educated. I am very much involved in social activities. I am always cheerful in meetings and parties with friends. It is fun to chat with friends and business partners and play cards with them occasionally.

The 14th SAARC Carrom Championship was played in Colombo, Sri Lanka participated by Pakistani team comprised, Murtaza Khan Zulfi, Captain and other player Ramzan Ali, Iftikhar ud din, Nadir Hussain and team official & umpire Nadeem Ahmed. The event was inaugurated by C.B. Rattanaike, Srports Minsiter of Sri Lanka with warm way of Sri Lankan traditions.
The event was well organized by the Carrom Federation of Sri Lanka and the man behind this immense and successful event Mr. Langley Mathiasz and his wife Rohini, which were engaged whole to tournament for entertaining the catering the peoples. Every participants paid tribute the aforesaid for their great efforts.
RESULTS
Indian carrom players claimed seven Gold Medals, two Silver Medals and one Bronze Medal in the 14th SAARC Countries Carrom Championship concluded at Hotel Galadari, Colombo, Sri Lanka. Five countries i.e. India, Sri Lanka, Pakistan, Maldives and Bangladesh participated in three days championship. Nepal could not make it at the last minute. Three men and three women players from each country participated in seven different events of the SAARC Championship.

Yogesh Pardeshi of India, who is also the current World Champion, annexed Men Singles title defeating B. Radhakrishnan of India in straight games 25-16, 25-3. Prakash Gaikwad of India secured third position defeating Sherifddin of Sri Lanka easily 25-5, 25-4. In the semi-finals, Radhakrishnan overcame Prakash Gaikwad 25-23, 25-10 while Yogesh prevailed over Sherifddin 25-6, 25-2. Defending champion, Hidayat Ansari of India could not make it  >>>>>

Businessmen flay hike in power tariff
Businessmen expressed resentment on Wednesday over the 26-paisa per unit hike in electricity rate by the National Electric Power Regulatory Authority under the garb of monthly fuel adjustment formula.
During a meting at Islamabad Chamber of Commerce and Industry the businessmen termed it a cruel decision as it goes against the interests of people, businesses and the overall economy.
Chairing the meeting, the ICCI President, Zahid Maqbool, said the entrepreneurs and people were already facing great problems in the wake of devastating floods, which killed large number of people, uprooted more than 20 million people and caused unprecedented damage to businesses and infrastructure. He said the further hike would make their life more miserable.  >>>>>

Should Islamic banking broaden its base?
In order to really contribute to the economy, Islamic banks will have to expand their commercial and investment banking services, and various streams of deposits should finance these ventures. They will have to diversify their product mix, making use of their comparative advantage, and not just using the conventional modes
Should Islamic banking broaden its base? All un-serviced sectors say that it should, in case it wishes to finance small enterprises, farmers and the homeless, rather than concentrating on big business.
The growing Islamic banking system in Pakistan has finally been asked to broaden its base and undertake equitable distribution of economic gains. This is urgently needed because the present Islamic banking paradigm is based on replication of conventional banking products and totally relies on debt-based fixed income products. "The total reliance of Islamic banks on debt-based fixed income products and minimising the risks to almost close to those of the conventional banking system is blurring the distinction between Islamic and conventional finance," Yaseen Anwar, acting governor, State Bank of Pakistan has told bankers.  >>>>>

OICCI survey June 2010: Economy depressed, but some sectors resilient
While the overall economy continues to be depressed, the finance and the chemical sectors are showing resilience as they have indicated a marginal increase in employment.
These views were a part of the results of the second quarter of the ongoing Overseas Investors' Chamber of Commerce and Industry (OICCI) Business Confidence Survey conducted in June 2010 to gauge the business sentiment in the country. As the results indicate, business confidence dropped significantly from 6 percent in the first quarter to -27 percent in the second. The survey asked respondents to share their views on various aspects of business ranging from the business situation in the country to the city in which they operate, as well as their respective industry other than the cost of doing business. This information was gathered for the past and the next six months.  >>>>>

Floods to affect fresh milk supply, beef prices
Dairy products especially fresh milk supply to city might get affected due to ongoing devastations by the heavy floods. The price of per litre milk has already increased to up to Rs 55 while the concerned authorities have failed to curb the price-hike. Interestingly, the authorities have offered an excuse for initiating any action against the dairy farms on the pretext that the issue of milk prices is pending in the Sindh High Court. However, they also claim that the interim price is fixed as Rs 37 per litre.
Karachi Dairy Farmers Association (KDFA) has claimed that due to increase in prices of raw material, cost of milk per litre at dairy farms has reached Rs 48 per litre while it was Rs 42.53 per litre in February 2008. Apart from the current price-hike, the heavy floods have ruined the crops of green fodder and containment of means of transportation due to destruction of roads has also triggered the prices to go up.  >>>>>


PIA says 'Essential Services Act' won't affect pilots, first officers
PIA management has assured the 530 pilots and first officers of the airline that their entitlements, perks, benefits and emolument will not be affected by the implementation of The Essential Services (Maintenance) Act 1952. PIA spokesman said on Sunday.
He said that the Federal Government had to enact the Essential Services (Maintenance) Act to ensure the airline's flight schedule, which remained disturbed during the past few weeks due to the Pilots under the influence of PALPA refusing their duties. Earlier in June 2001 and December 2007 the Government had to invoke the Act and on these two previous occasions the act was applicable on all the employees while this time it is only applicable on the cockpit crew as the remaining over 17,000 employees of PIA were following their duty schedules and trying hard to bring the airline to profitability. The PALPA go-slow caused a huge financial loss to the National Flag Carrier and jeopardised the traveling itinerary of the people of Pakistan especially the expatriates, few of whom had to face difficulties vis-à-vis their employments and work visas.  >>>>>

PIA's flood-relief operation in full swing
PIA has airlifted 443,592 kg of relief goods free of cost for the flood-affected people of Pakistan from Far East, Middle East, Europe, United Kingdom, USA and Canada up till Monday August 30. PIA Spokesman said. The relief goods include medicines, dry food rations, mineral water, water boat engines, new clothing, dry milk, tents and survival kits etc. More relief goods consignments totaling 850,000 kg from international destinations would be airlifted by PIA, of which 55,000 kg are to be airlifted from Paris and Frankfurt, 100,000 kg to be airlifted from five stations of UK, 40,000 kg from New York, 30,000 kg from Chicago, 32,000 kg from Toronto, 50,000 kg from Dubai and 540,000 kg to be airlifted from Kuwait in the next few days. Relief goods are being handed over in Pakistan to approved NGOs, NDMA Pak Army and Red Crescent - Pakistan.

Boeing delivers 800th airplane to China
Boeing Civil Aviation Administration of China (CAAC) and Air China celebrated the delivery of the 800th Boeing airplane for China, a Boeing Next-Generation 737-800 to Air China. Deputy administrator of CAAC, Wang Changshun said, "Boeing and China have had a long-standing and productive partnership since 1972 and Boeing has broad cooperation in safety, flight standards, airworthiness and new technologies, etc".
In 1972, CAAC ordered 10 Boeing 707s, establishing it as a major world airline. Today, Boeing jets are the mainstay of China's air travel and cargo system. More than 50 percent of all the commercial jetliners operating in China are Boeing airplanes. Air China, national flag air carrier, is the largest air carrier based in mainland China in terms of Air China's international traffic and size of its twin-aisle fleet. Vice president of sales for China, Boeing Commercial Airplanes Jim Simon said, "We are also proud that China has a sophisticated and expanding role in the commercial aviation industry and on all Boeing commercial airplane models including the 787 Dreamliner."

Etihad Airways signs Katrina Kaif as brand ambassador
Etihad Airways, the national airline of the United Arab Emirates, has announced the signing of internationally acclaimed, multi-award winning actress, Katrina Kaif as the airline's new brand ambassador. Katrina has greatly contributed to the film industry in the subcontinent as a renowned actress. Etihad Airways and Katrina Kaif will work on a series of initiatives to promote the airline around the world. Etihad recently filmed an internet video with Katrina Kaif dancing in the airline's First-Class lounge in Abu Dhabi, under the direction of award-winning film director and choreographer, Farah Khan. This video is available across Youtube and various social networking sites for promoting the partnership between Katrina and Etihad Airways.

Two kids under 16 fly, stay, eat and play for free in Dubai
Fly to Dubai between 14th May and 30th September 2010 and give your family a holiday they will never forget.
This exciting offer includes complimentary flights, accommodation, meals and entry to Dubai's amazing children's attractions for two children under the age of 16. Pay by MasterCard and you can enjoy 10% off the cost of the package*(MasterCard will contribute US$ 5 to the Emirates Airline Foundation for every payment made using a MasterCard card).
Coinciding with Dubai Summer Surprises, the region's biggest and most celebrated summer event, our promotion offers non-stop entertainment and fun-filled activities at the ultimate family holiday destination.
We've lined up exclusive bargains with select partners at The Dubai Mall so that you can shop to your heart's content with great offers on everything from fashion, jewellery and home furnishings to dining. You can also indulge yourself with spa treatments and other health and beauty services. To book this offer, please contact your local Emirates office.



Emirates sends relief shipment
Emirates Airline Foundation arranged for 5000 blankets to be shipped to the flooded areas in Northern Pakistan. These blankets were handed to the National Disaster Management Authority (NDMA) at their base camp at Chakhlala Airbase, Rawalpindi, to be disbursed to the victims of these calamitous floods in a timely manner. For the past week, Emirates freighters have been operating flights between Dubai and Islamabad beyond schedule. Emirates SkyCargo brought in relief supplies on behalf of the British government on a Boeing 747 freighter to be donated to the NDMA as well. Besides this, Emirates has worked overtime to carry smaller shipments from humanitarian aid agencies struggling to get immediate relief to the disaster-stricken region.



Pacra maintains ratings of Soneri Bank
Pakistan Credit Rating Agency (Pacra) has maintained long-term and short-term entity ratings of Soneri Bank Limited at "AA-" (double A minus) and "A1+" (A one plus), respectively. The rating of unsecured, subordinated TFC issue of PKR 1,200 million has also been maintained at "A+" (single A plus). The ratings denote a low expectation of credit risk, emanating from a strong capacity for timely payment of financial commitments. The ratings reflect SBL's modest but largely stable system share with focus on gradual network expansion, improving risk management function, and broadening asset base in line with its conservative business strategy.
However, lately, SBL witnessed significant deterioration in asset quality, mainly on account of the weak socio-economic environment, despite its cautious credit expansion policy. Resultantly, the bank's profitability declined considerably. Nevertheless, the bank maintains good liquidity profile and adequate risk absorption capacity.

Loss after tax of KASB declines to Rs 672.677 million
The loss after tax of KASB Bank has declined to Rs 672.677 million in the half year period that ended on June 30 2010 as compared to Rs 909.292 million in the corresponding period in 2009. The board of directors of the bank in a meeting held on Thursday, declared that bank's loss per share reduced to Re. 0.71 in the period under review against Re. 0.96 in the same period an year back. According to the financial results sent to Karachi Stock Exchange (KSE), the bank's mark-up/return/interest earning increased to Rs 2.672 billion in the half year period in 2010 against Rs 2.624 billion in the same period in 2009. The bank's mark-up/return/interest expenses declined to Rs 2.564 billion against Rs 2.911 billion.
The bank's total non-mark-up/interest income increased to Rs 365.581 million against Rs 318.038 million, while the total non-mark-up/interest expenses increased to Rs 1.209 billion against Rs 1.134 billion. The bank's loss before taxation declined to Rs 672.677 million in the first half of 2010 against Rs 1,808.267 million in the same period in 2009.
On quarterly basis, the bank's loss after taxation declined to Rs 312.674 million translating loss per share of Re. 0.33 in the quarter that ended on June 30 2010 against the loss of Rs 730.246 million with per share loss of Re. 0.77 in the same quarter last year.

Bank Alfalah posts Rs 1.078 billion profit after tax
The Bank Alfalah Limited has posted Rs 1.078 billion as profit after tax in the half year period ended June 30, 2010 as compared to Rs 1.109 billion in the corresponding period in 2009. The board of directors of the bank in its meeting held on Thursday at Abu Dhabi declared that the bank's earning per share stood at Re 0.80 in the period under review against Re 0.94 in the same period a year back.
According to the financial results sent to Karachi Stock Exchange (KSE), the bank's mark-up/return/interest earning increased to Rs 18.497 billion in the half year period in 2010 against Rs.17.911 billion in the same period in 2009. The bank's mark-up/return/interest expenses reduced to Rs.12.175 billion against Rs 12.645 billion.
The bank's total non-mark-up/interest income declined to Rs 2.237 against Rs 2.744 billion while the total non-mark-up/return expenses increased to Rs 5.999 billion against Rs 5.104 billion. The bank's profit before tax increased to Rs 1.596 billion in the first half of 2010 against Rs 1.403 billion in the same period in 2009.
On quarterly basis, the bank's profit after tax stood at Rs 492.168 million translating earning per share at Re 0.36 in the quarter ended June 30, 2010 as compared to a profit of Rs 661.078 million with per share earning of Re 0.49 in the same quarter in 2009.



Loss after tax of Samba Bank declines to Rs 96.5 million
The loss after taxation of Samba Bank has declined to Rs 96.500 million in the half year period ended June 30, 2010 as compared to Rs 430.824 million in the corresponding period in 2009. The board of directors of the bank in its meeting held on Wednesday declared that the bank's loss per share has reduced to Re 0.10 in the period under review against Re 0.49 in the same period a year back.
According to the financial results sent to Karachi Stock Exchange (KSE), the bank's loss before taxation stood at Rs 96.450 million in this period against Rs 471.546 million in the same period last year. The bank's mark-up/return/interest earning increased to Rs 1,138.639 million against Rs 951.347 million while mark-up/return/interest expenses reduced to Rs 608.672 million against 639.771 million.
The bank's total non-mark-up/interest income declined to Rs 22.126 million against Rs 53.324 million while total non-mark-up/interest expenses declined to 637.519 million against Rs 774.932 million. On quarterly basis, the bank's loss after taxation reduced to Rs 32.199 million translating loss per share of Re 0.03 in the quarter ended June 30, 2010 as compared to a loss of Rs 265.340 million with per share loss of Re 0.30 in the same quarter last year.

UBL's profit after tax increases
The profit after tax of United Bank Limited (UBL) has increased to Rs 5.2 billion in the half year period which ended on June 30 2010 as compared to Rs 4.287 billion earned in the corresponding period in 2009. The bank's earning per share increased to Rs 4.25 in the period under review as compared to Rs 3.50 in the same period last year.
The board of directors of the bank in its 167th meeting held on Friday in London, declared an interim cash dividend for the year 2010 at Re 1.00 per share ie 10 percent. According to the financial results sent to the Karachi Stock Exchange (KSE), the bank's mark-up/return/interest earning declined to Rs 28.480 billion in this period as compared to Rs 31.628 billion in the same period last year.
The bank's mark-up/return/interest expenses reduced to Rs 11.965 billion as compared to Rs 15.944 billion. The bank's total non-mark-up/return/interest income declined to Rs 4.728 billion in the six months period this year as compared to Rs 6.209 billion in the same period last year while the bank's non-mark-up/return/interest expenses stood at Rs 8.584 billion as compared to Rs 8.421 billion. The bank's profit before tax was Rs 8.565 billion in the first half of 2010 as compared to Rs 6.768 billion in the corresponding period in 2009.



HBL profit after tax increases to Rs 7.865 billion
The profit after tax (consolidated) of Habib Bank Limited (HBL) has increased to Rs 7.865 billion in the half year period ended June 30, 2010, as compared to Rs 6.099 billion earned in the corresponding period in 2009. The board of directors of the bank in its meeting held on Wednesday declared the bank's earning per share at Rs 7.77 in the period under review against Rs 6.16 in the same period last year.
The board of directors has not recommended any dividend, bonus, rights or other entitlement for shareholders based on the result of six months period ended June 30, 2010, information sent to Karachi Stock Exchange (KSE) said. According to the financial results, the bank's mark-up/return/interest earnings increased to Rs 39.675 billion in the half year period this year against Rs 37.473 billion in the same period last year. The bank's non-mark-up/interest income increased to Rs 6.306 billion against Rs 4.972 billion.
The bank's mark-up/return/interest expenses increased to Rs 17.135 billion in half year period this year against Rs 16.061 billion in the same period last year. The bank's operating expenditure increased to Rs 12.863 billion against Rs 11.394 billion. The bank's profit before tax increased to Rs 12.764 billion in the first half of 2010 against Rs 9.872 billion in the same period in 2009. On quarterly basis, the bank's profit after tax increased to Rs 4.050 billion translating earning per share of Rs 4.03 in the quarter ended June 30, 2010 against profit of Rs 3.245 billion with per share earning of Rs 3.19 in the same quarter last year.

Bank BANK ALFALAH LIMITED - Analysis of Financial Statements
Financial Year 2008 - Financial Year 2009
Bank Alfalah Limited was incorporated on June 21st, 1992, as a public limited company under the Companies Ordinance 1984. The bank is engaged in commercial banking and related services as defined in the Banking Companies Ordinance, 1962. The bank privatised in 1997. The Abu Dhabi Group, owner of the bank, has invested in technology to have an extensive range of products and services. They broadly include general banking, financial services, Islamic banking, consumer banking, treasury and international banking. The bank has been assigned short-term rating of A1+ and long-term rating of AA. The bank has a network of 282 branches. This includes Islamic banking branches and foreign branches in Bangladesh, Afghanistan and Bahrain. Bank Alfalah has expanded its branch network and deposit base, along with making profitable advances and increasing the range of products and services. It is one of the top ten banks of Pakistan in terms of its assets that are 6% of the  >>>>>



KCCI to donate generously for flood victims and distribute under supervision
The tragic flood that has brought a moment of misery cut a swathe in the country, killing hundreds of people and destructed homes and farmland. Abdul Majid Haji Muhammad, President KCCI assured that at this moment of awe and agony, we are standing beside the nation and have already established KCCI Flood Relief fund. KCCI commend and appreciate this gesture of serving the nation by Ms Bakhtawar Bhutto Zardari and Faryal Talpur, PPP Women's Wing Chief, following the footsteps of Shaheed Mohtarma Benazir Bhutto taking the noble initiative to raise the relief fund for the flood victims.  >>>>>

KCCI Demands Government To Allow Markets And
Shopping Remained Open In Holy Month Of Ramadan
President, Karachi Chamber of Commerce & Industry, Abdul Majid Haji Muhammad and Chairman Special Committee for Small Traders, Abdul Majeed Memon urged Government to allow opening of shops and markets till late night during the Holy month of Ramadan. Abdul Majid articulated that business community is highly affected with heavy rain because of which graph of buyers is decreasing on daily basis. President informed that KCCI is also receiving numerous complaints in this regard on daily basis.
Abdul Majeed Memon recommended Government to review present decision of closure of shops till 08 pm. If the timing restriction is not withdrawn, it would cause a serious blow to trade activities besides hitting hard the manufacturing sector. He re-iterated that opening of markets and shopping malls in late hours would not only be a great compensation to the already recession-hit business community but also it would be a great favour to the masses as well, adding convenience to make purchases after Taraveeh prayers. Buyers are left out with very less time between Iftar and Taraveeh, opening of markets and malls would supplement both businessmen and consumers.



KCCI to launch "pride of pakistan brand awards"
"Many countries of the world are spending millions of dollars to promote their domestic brands and strengthening their enterprises to compete in the highly competitive business arena of the globe. In order to promote Pakistani Brands and pay tribute to the efforts of Pakistani business ventures who have achieved tremendous growth in their brand development, KCCI's has planned to award Pride of Pakistan Brand Awards which will set new milestone to promote logos "Made in Pakistan" in the country and around the globe.", expressed by President, Karachi Chamber of Commerce & Industry, Abdul Majid Haji Muhammad while addressing to the members in the Intellectual Property Rights Sub-committee. Lecturing on the importance of branding of indigenous products, Abdul Majid focused that KCCI being the premier and largest Chamber of Pakistan is committed to protect and promote the rights of its valued members with a persistent enterprise to elevate their business venture beyond new horizons of success.  >>>>>

KCCI welcomes visit of German delegation
A German delegation plans to visit Pakistan and intend to have a meeting with KCCI leadership and members; this was informed by Dieter Freund Consul and Deputy Head of Mission, Germany in a meeting with President KCCI Abdul Majid Haji Muhammad. President KCCI welcomed the decision of Germans and assured complete support and assistance by all means. This German Economic Delegation is organized jointly by the German Federal Ministry of Economic and NUMOV (German Near and Middle East Association) and would visit Karachi in mid-September. KCCI welcomed the opportunity and aim to make the most of the visit by German guests that would help enhance trade relations, greater cooperation and exchange of information between business communities of both the countries. Trade history of Pakistan and Germany does not speak much despite excellent political and cultural relations, so this opportunity is greeted and KCCI reserve its space to counsel the upcoming German businessmen.
President KCCI Abdul Majid Haji Muhammad also briefed German Deputy Head of Mission and Vice Consul General Martin Lotzer, about KCCI Flood Relief fund and the activities done by KCCI to receive and patron flood victims. President informed that everything is being managed smoothly, collection of funds comparatively is an easy task but KCCI is involved in directly managing the camp and nourishing the victims with all necessities from food items to accessories of daily usage like soaps, etc. KCCI also plans to set up a camp in interior Sindh in near future.



SAARC CCI 50th EC Meeting & Seminars at Goa, India
The 50th SAARC CCI Executive Committee Meeting of SAARC Chamber of Commerce & Industry (SAARC CCI), Seminar on Economic Freedom in South Asia and Conference on Trade Facilitation will be held on August 3-4, 2010 at Goa, India. Honorable Governor of Goa Dr. Shivinder Singh Sidhu will inaugurate the conference on trade facilitation. A 54 member delegation comprising business leaders Mr. Tariq Sayeed- Former President SAARC CCI, Mr. Iftikhar Ali Malik- Vice President SAARC CCI, Mr. Iqbal Tabish-Secretary General SAARC CCI,  >>>>>

Floods a threat to weak embankments
THE heavy monsoontriggered flood may cause more damage in Sindh than elsewhere because of the province's weak irrigation network and unsafe protective embankments. Majority of the embankments on both sides of the 1,200-milelong irrigation network are in extremely bad shape while condition of three barrages - Guddu, Sukkur and Kotri - and all the 12 canals is in no better shape either. Because of lack of timely rehabilitation and repair works, the age-old irrigation network is at a risk of falling apart as the deluge gushes towards downstream Kotri  >>>>>

KESC's loss after tax drops to Rs 14.641 billion
The loss after tax of Karachi Electric Supply Company (KESC) has declined to Rs 14.641 billion in the year ended June 30, 2010 (FY10) as compared to Rs 15.484 billion in the same period in FY09. The company's loss per basic share stood at Re 0.74 in the period under review against Rs 1.18 in the same period last year. The company's loss per diluted share reduced to Re 0.66 against Re 0.98. The board of directors of the company in its meeting held here on Thursday recommended issue of 7.80 percent right shares ie thirty-nine (39) ordinary right shares for  >>>>>

Garments scam of millions of euros: European importers,
Bangladesh exporters found to be guilty of complicity
The European Union investigators have unearthed a garments scam of millions of euros in which European importers and Bangladeshi exporters were complicit. According to EU's anti-fraud agency commonly known under its French abbreviation OLAF, (Office de Lutte Anti-Fraude), Bangladesh clothing origin certificates issued since 2005 showed "hundreds of thousands" were false - and in fact cargoes had come from China. "The scale of the trouble was much larger than thought, involving hundreds of importers across most EU member states," said OLAF.  >>>>>



Pepco infrastructure losses estimated at Rs five billion
The Pakistan Electric Power Company (Pepco) has estimated Rs 5 billion losses to its infrastructure due to heavy rains and devastating floods across the country, sources in the Ministry of Water and Power told Business Recorder. Pepco's financial losses are over and above the damage done to the Water and Power Development Authority's (Wapda) installations. Chairman, Shakeel Durrani has recently returned to the country from his trip to Russia and Turkey during the flood season. Durrani's contract will expire in two months and he is expected to be replaced  >>>>>

Two new power projects launched
Two projects--500 KV D G Khan Sub-Station, and 220 KV Dadu-Khuzdar Transmission System--have been launched at an estimated cost of Rs 6.4 million. According to documents made available to Business Recorder, 500 KV D G Khan Sub Station has been launched with estimated cost of Rs 4.467 million financed by Asian Development Bank. The implementation period of the project is 2010-12.
A total of 143.318 acres land has been acquired for the construction of the gird station. Company, Barqaab has been appointed as consultants to the project. The bids for 500KV D.G Khan Sub-Station would be opened on August 13, 2010. 220 KV Dadu-Khuzdar Transmission System has been launched with an estimated cost of Rs 2.901 million being financed by JICA through loan. The completion date of this project is June, 2011.

PATT to be operational by September
Afghanistan on Saturday expressed the hope that Pakistan-Afghanistan Transit Trade (PATT) giving impetus to economic activities in the region would be operational by September this year. "PATT will be operational by September this year as things are moving at a faster pace," said Afghan Minister for Commerce Anwar ul Haq while talking to Pakistani media persons, who are currently on a visit to Afghanistan. Terming the PATT equally beneficial for both Pakistan and Afghanistan, he said that they would get better access to Central Asian States  >>>>>

Pakistan and Russia to establish Horticulture Business Forum
Pakistan and Russia will establish Pak-Russia Horticulture Business Forum to cooperate horticulture trade and technical assistance between two countries which will provide stalls in exhibition free of cost, agriculture technology, warehouses, cold storages, exchange of delegation and establishment of offices in major cities of Russia. After the arriving from representing the high level delegation to Russia, Abdul Wahid Patron in Chief of Pakistan Fruit and vegetables Exporters and Importers and merchant Association has said that the Russia is  >>>>>

PTCL profit in fiscal year 2010 increases to Rs 9.294 billion
The profit after tax of Pakistan Tele-communication Company Limited (PTCL) increased to Rs 9.294 billion in the year ended June 30, 2010 (FY10) as compared to Rs 9.151 earned in FY09. The board of directors of the company in its meeting held Thursday declared that the company's earning per share increased to Rs 1.82 in the period under review against Rs 1.79 a year back.
According to the financial results sent to Karachi Stock Exchange (KSE), the company's revenue declined to Rs 57.174 billion in FY10 against Rs 59.239 billion in FY09. The cost of services increased to Rs 38.258 billion against Rs 37.732 billion. The company's administrative and general expenses reduced to Rs 7.223 billion against Rs 8.935 billion while selling and marking expenses increased to Rs 2.142 billion against Rs 1.817 billion. The company's other operating income increased to Rs 5.134 billion against Rs 4.267 billion. The company's profit before taxation increased to Rs 14.281 billion in FY10 against Rs 14.020 billion in FY09.

WorldCall posts Rs 410.586 million loss
The after tax loss of WorldCall Telecom has increased to Rs 410.586 million in the half-year period ended on June 30, 2010 as compared to Rs 226.976 million shares in the corresponding period in 2009. The board of directors of the company in its meeting held on Thursday declared that per share loss of the company had surged to Re 0.48 in the period under review against Re 0.26 in the same period a year back.
According to the financial results sent to Karachi Stock Exchange (KSE), the company's net revenue increased to Rs 4.421 billion in the half-year period in 2010 against Rs 3.989 billion in the same period in 2009. The direct cost increased to Rs 3.667 billion against Rs 3.344 billion. The company's operating cost increased to Rs 836.139 million against Rs 593.309 million while the finance cost increased to Rs 377.353 million against Rs 169.022 million.
The company's loss before taxation increased to Rs 508.585 million in the first half of 2010 against Rs 258.578 million in the same period in 2009. On quarterly basis, the company's after tax loss increased to Rs 289.996 million translating earning per share of Re 0.34 in the quarter ended June 30, 2010 as compared to a loss of Rs 155.585 million with per share loss of Re 0.18 in the same quarter of last year.



Nervous investors
MOST investors watched nervously the worst floods in Pakistan's history entering Sindh last week after causing enormous destruction in a vast part of Khyber Pakhtunkhwa and submerging hundreds of villages and standing crops in the southern districts of Punjab. The closure of power plants in Kot Addu in south Punjab heightened their fears about the possible dip in the equity markets. The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.37 per cent, or 38.55 points, lower at 10,351.72 on shrinking turnover of 55.74 million shares,  >>>>>

Rising investment costs
THE policy rate hike on July 30 came at a time when imports of capital goods particularly textile machinery had started picking up and investors were having a fresh look at an improving economy. The increase in the interest rate was followed by sharp depreciation of the rupee to a record low against the dollar. In the absence of stable interest and exchange rates, private investments--- both local and foreign-- would be discouraged because investment costs would go up. And as the present trend indicates, the banks would accumulate debts of  >>>>>

Business leaders flay raise in discount rate
Businessmen have expressed anger over the State Bank's decision to raise its key discount rate by 0.5 per cent to 13 per cent, saying it will compromise economic growth and make the exports further uncompetitive in the world markets.
"The business community is shocked at the bank's decision to increase the cost of credit. It will hit the economy," Lahore Chamber of Commerce and Industry president Zafar Iqbal Chaudhry said. He was of the view that the State Bank was pursuing a wrong policy to deal with price inflation. "The experience of last few years  >>>>>

Could the flood impact be mitigated?
AS the federal and provincial governments wait for the flood to recede before they start calculating its social and infrastructural cost, the price tag for agriculture is already beginning to dawn on farmers and agriculture planners. The Punjab Board of Revenue has declared that over two million acres of standing crop has been affected, though it is still assessing the extent of the damage. The agriculture department, however, thinks that the actual crop damage might be on half the number of acres, as the floods mainly hit the Thal area where sowing is scarce.  >>>>>

Abbott provides support for flood-relief efforts
Abbott and its philanthropic foundation the Abbott Fund are providing $335,000 (Rs 28.7 million) in initial humanitarian aid to help with flood relief efforts in Pakistan. Working in partnership with global relief partners and local organisations in Pakistan, Abbott and the Abbott Fund are providing grant funding and Abbott is donating health care products. Abbott is donating antibiotics, rehydration solutions, vitamins and medicine valued at $160,000 (Rs 13.7 million) to AmeriCares, Direct Relief International, Medical Teams International and Swat Relief Initiative. In addition, Abbott Pakistan is working in partnership with the National Rural Support Programme (NRSP) to develop a plan for local Abbott employees to contribute cash donations and volunteer to help package food and additional relief supplies for distribution in affected areas.

April to June 2010: Country's external debt, liabilities rise by $1.304 billion
Pakistan's external debt and liabilities have witnessed an increase of $1.304 billion just in three months (April to June 2010) whereas total burden remained $55.628 billion by 30th June 2010. However, the foreign debt and liabilities were recorded as $54.324 billion on March 31, 2010, showing an increase of 2.4 percent in just three months, sources told Daily Times on Wednesday. External debt and liabilities were $43.141 billion in 2008, which have now reached 55.628 billion - showing an increase of 28 percent in the last two years.  >>>>>



40 companies suspended from stock markets
The Securities and Exchange Commission of Pakistan (SECP) has ordered suspension of trading in the shares of listed companies that are in continual violation/non-compliance of securities market laws - initially for a period of 60 days or till further orders. The SECP - taking cognizance of the fact that such companies not only pose serious threat to the development of a robust capital market but also inhibit investors' confidence due to lack of transparency, in consultation with the stock exchanges - had earlier initiated a comprehensive exercise for  >>>>>

Indus Motors' EPS of Rs 41.9 likely in FY10
The most prominent car assembler in 1300cc segment Indus Motors, is expected to post all-time high net profit of Rs 3.3 billion, with earning per share of Rs 41.9, up by massive 138 percent against net profit of Rs 1.38 billion (EPS Rs17.6) during the same period last year. Analysts said that the company is expected to announce its full year FY10 results on August 27, 2010. He said that thanks to higher volumetric sales (up 49 percent), better margins (up 280bps) and expected 73 percent increase in other income that company is likely to post such profit.  >>>>>

World Islamic chambers to meet in Pakistan after 10 years
The forthcoming meeting of Islamic Chamber of Commerce and Industry, an apex trade body of Muslim countries, will be held in Pakistan in November. The presidents of all the chambers of Islamic countries will participate in the upcoming meeting of Islamic Chamber of Commerce and Industry after a period of 10 years. These decisions were made at the 10th board of directors' meeting of the Islamic Chamber of Commerce and Industry, which was also attended by a high-powered Pakistani delegation including Federation of Pakistan Chambers of Commerce and Industry  >>>>>

NBP earns net profit of Rs 7.8bn
Bank's earning per share also rose to Rs 5.81 in the half year under review from Rs 4.67 in the corresponding period of last year, the financial result of the bank showed on Tuesday. In quarterly earnings, bank also posted Rs 6.3 billion net profit for the second quarter of calendar year 2010, against Rs 2.0 billion in the same quarter of last year. Bank' net interest income (NII) grew by 12.3% to Rs 43.47 billion in the half year under review against Rs 37.25 billion in the previous year whereas on it was up 3.6% QoQ to Rs 22.43 billion over Rs 10.47 in the previous year.  >>>>>

Sri Lanka's economic growth to double: IMF
"Head of IMF mission to Colombo says island's economy will grow by 7% this year, up from 3.5% in 2009. Sri Lanka's economic growth rate is expected to double this year, with the country firmly on the road to recovery after decades of ethnic war, a top International Monetary Fund official said Monday. The island's economy will grow by seven percent this year, up from 3.5 percent in 2009, thanks to improved farm output in the previously embattled north and east, forecast Brian Aitken, head of the IMF mission to Colombo. The strong economic performance  >>>>>

Complaints to be forwarded to Banking Mohtasib: SBP
The State Bank of Pakistan (SBP) has asked all banks and microfinance banks (MFBs) to print the following short message on all statement of accounts sent to their customers from January 2011 on continuous basis:
"For complaints which remain unresolved beyond 45 days, you may write to Banking Mohtasib Pakistan, Shaheen Complex, M.R. Kiyani Road, Karachi or visit www.bankingmohtasib.gov.pk," says the Circular issued Tuesday to the Presidents/ Chief Executives of all banks / MFBs.
This instruction has been issued with a view to creating awareness among clients/customers of banks about the Banking Mohtasib.
It may be recalled that the office of Banking Mohtasib is functioning in Pakistan since 2005 to resolve the complaints of banks' customers / clients.

Warid Telecom signs agreement
Superior Group of Colleges, a reputed degree awarding institute of Pakistan has signed an agreement with Warid Telecom. The telecom network will be working as a communication partner of Superior Group of Colleges. The signing of this agreement took place at Royal Palm, Golf and Country Club. The most trusted and reliable cellular service that is well famed by its quality services will now serve Superior Group of colleges with all its communication needs including Blackberry services for all its management, staff members and students across 13 campuses.  >>>>>

Pakistan needs billions to recover: UN
Pakistan will need billions of dollars to recover from its worst floods in history, the United Nations said on Sunday. The government has struggled to cope with the scale of the disaster, which has killed at least 1,500 people, prompting the international community to help by donating tens of millions of dollars and providing relief supplies. But the UN special envoy for the disaster, Jean-Maurice Ripert, said the need for foreign aid would be much greater going forward and could be difficult to procure given the ongoing financial crisis around the world.  >>>>>

Quality of service in banks
DURING the last decade, banks have made tremendous progress in Pakistan. Most of them have excelled in efficiency, service, courtesy, etc., which was unheard of in the past. Computerisation has further improved their efficiency and saved the precious time of clients. Recently, I had a chance to visit one of the major banks of the country in Rawalpindi in connection with sending some cash through its on-line facility. The staff was so efficient that my job was finished in exactly seven minutes from the time I entered its premises. But, to my horror  >>>>>

Rise in bank deposits
ACCORDING to the weekly statement of position of all scheduled banks for the week ended July 30, 2010, deposits and other accounts of the scheduled banks increased in the current week and stood at Rs4,656.573 billion higher by Rs10.822 billion over preceding week's figure of Rs4,645.751 billion. Compared with last year's corresponding figure of Rs4,153.162 billion, the current week's figure is larger by Rs503.411 billion. During the current week, commercial banks deposits showed a rise of Rs10.443 billion over the week to Rs4,639.756 billion, against preceding  >>>>>